An in-depth research by cybersecurity researchers have found that 2023 saw an increase in the number of targeted ransomware groups globally by 30% when compared to 2022. This surge, however, was much higher when it came to victims as targeted ransomware attacks spiked by 70% within the same time period.
“Targeted ransomware groups are very persistent and have a huge appetite for extortion. For example, if a victim refuses to pay ransom, the cybercriminals often threaten to make the stolen data public. In some cases, these cybercriminals also filed GDPR or SEC complaints in certain regions against the victim organisations for breaking data protection laws,” said Maher Yamout, senior security researcher at Kaspersky.
What is a ransomware
A ransomware is a software that encrypts data on victims’ computers or mobile devices rendering is inaccessible. In return, the hackers ask for ransom to decrypt the data and give users the access. In cases where ransom is not paid, ransomware groups can also permanently lock the data or dump it on the dark web.
According to the insights shared at Kaspersky’s ninth annual Cyber Security Weekend – META, which recently took place in Kuala Lumpur, targeted ransomware groups hire cybercriminals as employees to run extensive and intelligent operations to launch increasingly sophisticated targeted ransomware attacks.
Lockbit group, which is infamous for its ransomware-as-a-service model, is one example where targeted ransomware groups attack governments, specific high-profile organisations, or selective groups of people within an organisation.
Kaspersky researchers monitored about 60 targeted ransomware groups in 2023, compared to about 46 groups in 2022, and discovered incidents that indicated collaboration between targeted ransomware groups.
The cybersecurity company also said that ransomware payments globally surpassed $1.1 billion in 2023 – “marking an unprecedented high.”
“Targeted ransomware groups are very persistent and have a huge appetite for extortion. For example, if a victim refuses to pay ransom, the cybercriminals often threaten to make the stolen data public. In some cases, these cybercriminals also filed GDPR or SEC complaints in certain regions against the victim organisations for breaking data protection laws,” said Maher Yamout, senior security researcher at Kaspersky.
What is a ransomware
A ransomware is a software that encrypts data on victims’ computers or mobile devices rendering is inaccessible. In return, the hackers ask for ransom to decrypt the data and give users the access. In cases where ransom is not paid, ransomware groups can also permanently lock the data or dump it on the dark web.
According to the insights shared at Kaspersky’s ninth annual Cyber Security Weekend – META, which recently took place in Kuala Lumpur, targeted ransomware groups hire cybercriminals as employees to run extensive and intelligent operations to launch increasingly sophisticated targeted ransomware attacks.
Lockbit group, which is infamous for its ransomware-as-a-service model, is one example where targeted ransomware groups attack governments, specific high-profile organisations, or selective groups of people within an organisation.
Kaspersky researchers monitored about 60 targeted ransomware groups in 2023, compared to about 46 groups in 2022, and discovered incidents that indicated collaboration between targeted ransomware groups.
The cybersecurity company also said that ransomware payments globally surpassed $1.1 billion in 2023 – “marking an unprecedented high.”
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